PUBLISHER: Market Xcel – Markets and Data | PRODUCT CODE: 1347140
PUBLISHER: Market Xcel – Markets and Data | PRODUCT CODE: 1347140
The United States Smart Meter Market has witnessed significant growth and is projected to expand substantially. The market is anticipated to increase from its current value of USD 4.02 billion in 2022 to reach USD 7.02 billion by 2030, exhibiting a CAGR of 7.22%.
The United States Smart Meter Market is experiencing significant growth due to several factors. The market is witnessing increased demand for energy efficiency, grid modernization initiatives, and the rise in the installation rate of smart meters. Moreover, rising awareness about energy conservation and government support for smart grid deployments are driving the expansion of the market.
Given their substantial advantages, the United States needs an escalated adoption rate for smart meters. These meters bolster energy efficiency, facilitate real-time data gathering, and play a pivotal role in advancing grid modernization endeavors. Accelerating their implementation will empower consumers with insights into energy consumption, fostering a more sustainable and dependable energy framework. According to the Edison Institute for Electric Innovation's 2023 report, it is projected that by the end of 2023, approximately 128 million smart meters will be deployed in residences and businesses throughout the United States. This projection signifies an impressive 80% penetration rate, a significant increase from the 73% penetration rate and 114 million smart meters observed in 2021. Furthermore, the outlook for 2025 indicates a continued surge, with an estimated installation of 135 million smart meters, pushing the penetration rate closer to 85%.
Within the United States Smart Meter Market, the integration of Machine Learning (ML) technology represents a compelling avenue for advancement. ML algorithms scrutinize the data harvested from smart meters, delivering timely insights into energy consumption trends, optimizing energy allocation, and flagging anomalies. This fusion of technology aspires to amplify energy efficiency, accelerate the modernization of grid systems, and provide consumers with the knowledge requisite for prudent decision-making, fostering a rational and sustainable energy environment.
Elaborating on this, the Institute of Electrical and Electronics Engineers (IEEE) sheds light on the United States' strategic employment of Machine Learning (ML) algorithms for near-term load forecasting within residential structures. These sophisticated algorithms harness data emanating from smart meters, sensors, and vast data repositories to dissect historical energy consumption patterns and meteorological information meticulously. The resultant outcome is the precision prediction of imminent energy demands. This predictive process plays a pivotal role in fine-tuning energy distribution, refining grid operations, and ensuring reasonable energy management within residential sectors, thus culminating in a more robust, reliable, and ecologically sound energy framework.
In the United States, the Smart Meter Market is currently witnessing the emergence of diverse smart meter initiatives. These strategic programs involve implementing cutting-edge Advanced Metering Infrastructure (AMI) and intelligent technologies. The primary goals encompass elevating energy efficiency, automating meter reading processes, facilitating remote connectivity, and bolstering the precision of outage detection systems. The sweeping embrace of these smart meter programs serves as a tangible reflection of the escalating focus on rejuvenating the energy sector, aligning with evolving customer demands, and propelling the realization of a more sustainable and technologically sophisticated energy landscape.
A prominent illustration of this trend is found in Duke Energy's innovative AMI initiative, a cornerstone of its progressive strategy. This initiative comprises integrating smart meters and advanced communication devices, furnishing the framework for seamless automated meter reading, swift remote connections, disconnections, and rapid outage detection mechanisms. This concerted effort stands as a pivotal investment aimed at adeptly catering to the dynamic needs and rising expectations of their diverse customer base while embodying their commitment to fortifying the nation's energy infrastructure.
The United States government controls the smart meter market through various policies and standards. These regulations are crafted to safeguard smart meters' security, privacy, and compatibility, thereby stimulating their widespread integration. Furthermore, governmental initiatives can propel energy efficiency, grid modernization, and the deployment of intelligent technologies, all contributing to a more sustainable and resilient energy infrastructure.
For instance, the AMI Smart Meter Upgradeability Test Framework established by the National Institute of Standards and Technology (NIST) highlights the American electric utilities' embrace of Advanced Metering Infrastructures (AMIs) to propel smart grid advancements. Ensuring standardized upgrade paths for smart meters stands as a vital consideration. NEMA's SG-AMI 1-2009 outlines secure upgrade requisites encompassing local and remote enhancements. It extends its guidance by presenting conformance test prerequisites for smart meters and their corresponding management system upgrades. This comprehensive approach facilitates the evaluation of compliance by testers and laboratories, offering a detailed framework for assessing vendors' information and testing protocols in alignment with NEMA SG-AMI 1-2009 specifications.
The United States Smart Meter Market experienced a dual effect due to the COVID-19 pandemic. Before the pandemic, it was on a steady growth trajectory, fueled by the rising demand for enhanced energy efficiency and modernized grids. However, the pandemic posed significant challenges, disrupting supply chains, causing production delays, and inflating costs. The initial economic slowdown further led to reduced installations, impacting market expansion. Yet, this crisis also sparked ingenuity as utilities pursued contactless solutions to sustain services.
In the post-COVID era, the market rebounded, supported by governmental initiatives advocating smart grid investments and environmental sustainability. The surge in remote work additionally accelerated the urgency for effective energy management. The Smart Meter Market now displays resilience and anticipated growth, driven by an elevated recognition of digital infrastructure and sustainability's vital role in navigating future uncertainties.
The United States Smart Meter Market is experiencing significant growth, with major American companies focusing on smart meter solutions to improve its services. Moreover, these organizations also spend a hefty amount on developing highly upgraded smart meters for safety and enhanced electricity monitoring in residential, commercial, and industrial areas. Furthermore, they are actively involved in noteworthy mergers, acquisitions, and forming joint ventures to achieve their respective goals in the smart meter industry.
In May 2023, Honeywell unveiled a momentous development - the Next Generation Cellular Module (NXCM), a revolutionary innovation designed to enable Advanced Metering Infrastructure (AMI). This pioneering module brings about a transformative shift by converting conventional gas and water meters into intelligent smart meters, all without requiring further infrastructure investment. This groundbreaking module uses pre-existing public cellular networks to establish wireless connections among meters, delivering monitoring, safety, and analytical capabilities to utility providers and customers.
In June 2022, Itron, Inc., a trailblazer in energy and water management solutions, marked a noteworthy achievement as it handed over its four millionth Distributed Intelligence (DI)-enabled smart electric meter to Texas-New Mexico Power (TNMP). With a global dispatch of over 4.2 million DI-enabled meters, Itron has substantially advanced smart meter deployments. TNMP, a distinguished electricity service provider catering to more than 260,000 customers in Texas, integrates these meters into their Advanced Metering Infrastructure (AMI) renewal program, thereby harnessing Itron's sophisticated intelligent industrial IoT network solution.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.